CANBERRA, April 7 (Xinhua) -- Australian Treasurer Josh Frydenberg has praised the resilience of the country's economy after the International Monetary Fund (IMF) upgraded its growth forecasts.
According to the latest IMF data, Australia's gross domestic product (GDP) is expected to grow by 4.5 percent in 2021. It marks a full percentage point increase from the 3.5 percent growth forecast by the IMF in January.
Frydenberg said the new projections marked a milestone in Australia's ongoing recovery from the pandemic.
He rejected the suggestion that Australia's delayed vaccine rollout has inhibited economic growth, saying it was important to distinguish the situation Australia finds itself in compared to the United States and Britain, "where the virus ran rampant and you can see that in the numbers."
"Australia's situation in terms of the virus is quite different to other nations, we've been able to successfully suppress the virus and we've had outbreaks and that's led to localised lockdowns and last year statewide lock downs," Frydenberg said.
The IMF projected that Australia's GDP would grow by 2.8 percent in 2022.
However, it warned that a high degree of uncertainty surrounds the projections.
"Much still depends on the race between the virus and vaccines," it said.